AMN Healthcare Announces Second Quarter 2010 Results

SAN DIEGO, July 28 /PRNewswire-FirstCall/ -- AMN Healthcare Services, Inc. (NYSE: AHS) today announced operating results for the second quarter of 2010. Financial highlights are as follows:

(Dollars in millions, except per share amounts)


 
 

 

Q2
2010

% Chg
Q2 2009

% Chg
Q1 2010

 

Revenue

$149.3

(25%)

4%

 

Gross Profit

$41.2

(23%)

3%

 

Net Income

$0.1

(97%)

(82%)

 

Diluted Earnings per Share

$0.00

NM

NM

 

Cash Flow from Operations**

$6.5

(82%)

(44%)

 

Adjusted EBITDA*

$9.7

(46%)

(7%)

 

Adjusted EPS*

$0.02

(88%)

NM

 

* See notes (2) and (3) under "Supplemental Financial and Operating Data" for a reconciliation of non-GAAP items.

**See note (8) under Condensed Consolidated Statements of Cash Flows.

NM – Not meaningful


 
 
       

Key business highlights for the second quarter are as follows:
  • Revenues were up 4% sequentially, compared with guidance of 1 to 3%
  • Locum Tenens and Physician Permanent Placement revenues were both sequentially up 8%
  • Nurse and Allied revenues were sequentially flat
  • SG&A levels as a percentage of revenues remain steady, excluding acquisition-related costs


"The industry appears to be entering a modest recovery phase, with second quarter consolidated revenues growing sequentially for the first time in seven quarters, and exceeding our expectations due to better than anticipated volumes," said Susan R. Nowakowski, President and Chief Executive Officer of AMN Healthcare. "Although we are experiencing positive indicators and steady progress, we retain a conservative view of the near-term trajectory for healthcare staffing due to the continued high general unemployment and apprehension in the economic environment. We continue to be positive about the industry's long-term growth prospects and are positioning our service offerings to meet the strategic needs of our clients and their growth and financial objectives."

In support of its long-term strategy, AMN Healthcare announced earlier today that it has entered into a definitive agreement to acquire the parent company of Nursefinders, Inc. (dba Medfinders), the nation's leading provider of clinical workforce managed services programs. Through its multi-brand strategy, Medfinders also provides travel nurse and allied staffing, locum tenens, physician search services, and home healthcare services, as well as local nurse and allied staffing in support of its managed services programs. The transaction is expected to close in the third quarter of 2010, and additional details of the agreement can be found in a separate press release issued today.

"This acquisition is a natural step in our long-term growth strategy as it directly contributes to the delivery of greater value and innovative workforce solutions to our clients. In addition to enhancing the capabilities of our existing businesses and expanding into new complementary service lines, we will also be able to achieve immediate sales and operating efficiencies.  We believe this is the perfect addition to AMN to enhance shareholder value in both the short and long term," added Nowakowski.

Second Quarter 2010 Results

For the second quarter of 2010, revenue was $149 million, a decrease of 25% from prior year and up 4% from prior quarter. Second quarter revenue for the Nurse and Allied staffing segment was $76 million, a decrease of 32% from the same quarter last year and up 1% sequentially. The Locum Tenens staffing segment generated revenue of $65 million, a decrease of 17% from prior year and up 8% sequentially. Second quarter Physician Permanent Placement revenue was $8 million, a decrease of 7% from prior year and up 8% sequentially.

Gross margin in the second quarter of 2010 was 27.6%, an increase of 60 bps from prior year and a decrease of 30 bps compared to the previous quarter. The improvement as compared to the prior year was driven primarily by an increase in gross margin in the Nurse and Allied segment and the increased revenue mix from the higher margin Physician Permanent Placement segment. The decrease as compared to prior quarter was mainly attributable to a decrease in Nurse and Allied gross margin.

Selling, general and administrative ("SG&A") expenses for the second quarter of 2010 were 23% as a percentage of revenue compared to 19% in the same quarter last year. Second quarter SG&A declined by $3 million, or 9%, over the same period in the prior year, and increased by $3 million, or 8%, as compared to the prior quarter, due in part to acquisition-related costs incurred during the quarter.

As of June 30, 2010, cash and cash equivalents totaled $41 million, compared to $27 million as of December 31, 2009. Total term debt outstanding, net of discount, as of June 30, 2010 was $104 million, with no borrowings on the revolver portion of the credit facility.

Business Trends and Outlook

Going into the third quarter, demand continues to trend up slightly across all business lines. With all business segments anticipating sequential improvement in volumes, consolidated revenue is expected to be up 4-6% compared with the second quarter, excluding the impact of any acquisitions. Gross margin is anticipated to remain sequentially steady.  

About AMN Healthcare Services

AMN Healthcare Services, Inc. is the nation's largest provider of comprehensive healthcare staffing and workforce solutions. As a leading provider of travel nurse and allied staffing services, locum tenens (temporary physician staffing) and physician permanent placement services, AMN Healthcare recruits and places healthcare professionals on assignments of variable lengths and in permanent positions with clients throughout the United States, ranging from acute-care hospitals and physician practice groups to other healthcare settings. AMN Healthcare also offers flexible, customized workforce management solutions to healthcare organizations through its managed services program and recruitment process outsourcing services. For more information, visit http://www.amnhealthcare.com.

Conference Call on July 29, 2010

AMN Healthcare Services, Inc.'s second quarter 2010 conference call will be held on Thursday, July 29, 2010, at 9:00 a.m. Eastern Time. A live webcast of the call can be accessed through AMN Healthcare's website at http://amnhealthcare.investorroom.com/presentations. Please log in at least 10 minutes prior to the conference call in order to download the applicable audio software. Interested parties may participate live via telephone by dialing (800) 553-0326 in the U.S. or (612) 332-0720 internationally. A telephonic replay of the call will be available at 11:00 a.m. Eastern Time on July 30, 2010, and can be accessed until 11:59 p.m. Eastern Time on August 19, 2010, by calling (800) 475-6701 in the U.S. or (320) 365-3844 internationally, with access code 163114. Alternatively, a replay of the webcast will be available at the company's website at 11:00 a.m. Eastern Time on July 30, 2010.

Non-GAAP Measures

This earnings release contains certain non-GAAP financial information. These measures are not in accordance with, or an alternative to, generally accepted accounting principles in the United States ("GAAP"), and may be different from non-GAAP measures reported by other companies. From time to time, additional information regarding non-GAAP financial measures may be made available on the company's website at http://www.amnhealthcare.com/investors.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include expectations regarding third quarter demand, revenue and gross margin, the industry's growth prospects and company's positioning, the proposed acquisition's enhancement of the company's existing capabilities and expansion into complementary service lines and its impact on sales and operating efficiencies and on shareholder value. The company based these forward-looking statements on its current expectations and projections about future events. Actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Forward-looking statements are identified by words such as "believe," "anticipate," "expect," "intend," "plan," "will," "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Factors that could cause actual results to differ from those implied by the forward-looking statements contained in this press release are set forth in the company's Annual Report on Form 10-K for the year ended December 31, 2009 and its other quarterly and periodic reports filed with the SEC. These statements reflect the company's current beliefs and are based upon information currently available to it. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated with the passage of time.

Important Information

AMN Healthcare intends to file a proxy statement and other relevant materials with the SEC to obtain shareholder approval of (i) the convertibility of the preferred stock to be issued to Medfinders' shareholders in the acquisition into shares of AMN Healthcare common stock and (ii) the voting rights of such preferred stock (the "Stockholder Approval").  INVESTORS AND SECURITY  HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND OTHER RELEVANT MATERIALS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE STOCKHOLDER APPROVAL.  The proxy statement, any amendments or supplements to the proxy statement and other relevant documents filed by AMN Healthcare with the SEC will be available free of charge through the web site maintained by the SEC at www.sec.gov or by calling the SEC at telephone number 1-800-SEC-0330.  Free copies of these documents may also be obtained from AMN Healthcare's website at www.amnhealthcare.com or by writing to: AMN Healthcare Services, Inc., 12400 High Bluff Drive, Suite 100, San Diego, California 92130, Attention: Investor Relations.

AMN Healthcare and its directors and executive officers are deemed to be participants in the solicitation of proxies from the stockholders of AMN Healthcare in connection with the Stockholder Approval.  Information regarding AMN Healthcare's directors and executive officers is included in AMN Healthcare's definitive proxy statement for its 2010 annual meeting of stockholders held on April 14, 2010, which was filed with the SEC on March 12, 2010.  Other information regarding the participants in such proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the proxy statement to be filed in connection with the Stockholder Approval.

Contact:

 

Amy C. Chang

 

Vice President, Investor Relations

 

866.861.3229

 
 


 

AMN Healthcare Services, Inc.
Condensed Consolidated Statements of Operations
(dollars in thousands, except per share amounts)
(unaudited)


 
 

 

Three Months Ended


 

Six Months Ended

 

 

June 30,


 

March 31,


 

June 30,

 

 

2010

2009


 

2010


 

2010

2009

 

 

 

 

 

 

 

 

 
 

Revenue

$  149,282

$  199,140


 

$  143,294


 

$  292,576

$  448,735

 

Cost of revenue

108,111

145,463


 

103,250


 

211,361

331,075

 

  Gross profit

41,171

53,677


 

40,044


 

81,215

117,660

 

 

27.6%

27.0%


 

27.9%


 

27.8%

26.2%

 

Operating expenses:


 

 

 

 

 

 

 
 

  Selling, general and administrative

34,594

37,840


 

31,950


 

66,544

87,920

 

 

23.2%

19.0%


 

22.3%


 

22.7%

19.6%

 

  Depreciation and amortization

3,163

3,442


 

3,298


 

6,461

6,909

 

 

 

 

 

 

 

 

 
 

  Impairment and restructuring charges

       —

2,152


 

       —


 

       —

180,777

 

 

 

 

 

 

 

 

 
 

       Total operating expenses

37,757

43,434


 

35,248


 

73,005

275,606

 

Income (loss) from operations

3,414

10,243


 

4,796


 

8,210

(157,946)

 

 

2.3%

5.1%


 

3.3%


 

2.8%

(35.2%)

 

Interest expense, net

2,583

2,320


 

2,637


 

5,220

4,519

 

        Income (loss) before income taxes

831

7,923


 

2,159


 

2,990

(162,465)

 

Income tax expense (benefit)

694

3,549


 

1,379


 

2,073

(45,005)

 

        Net income (loss)

$  137

$  4,374


 

$  780


 

$  917

$  (117,460)

 

 

0.1%

2.2%


 

0.5%


 

0.3%

(26.2%)

 

Net income (loss) per common share:


 

 

 

 

 

 

 
 

     Basic

$  0.00

$  0.13


 

$  0.02


 

$  0.03

$  (3.60)

 

     Diluted

$  0.00

$  0.13


 

$  0.02


 

$  0.03

$  (3.60)

 

 

 

 

 

 

 

 

 
 

Weighted average common shares outstanding:


 

 

 

 

 

 

 
 

     Basic

32,760

32,621


 

32,631


 

32,696

32,599

 

     Diluted

33,566

32,918


 

33,471


 

33,519

32,599

 

 

 

 

 

 

 

 

 
 
               


 

 
 

AMN Healthcare Services, Inc.

 

Supplemental Financial and Operating Data

 

(dollars in thousands, except per share amounts and operating data)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

Three Months Ended


 

Six Months Ended

 

 

June 30,


 

March 31,


 

June 30,

 

 

 

2010


 

2009


 

 

2010


 

 

2010


 

2009

 

Revenue


 

 

 

 

 

 

 

 

 

 

 

 
 

 Nurse and allied healthcare staffing

$

75,606

$

111,136


 

$

75,191


 

$

150,796

$

274,986

 

 Locum tenens staffing


 

65,348


 

79,097


 

 

60,388


 

 

125,737


 

153,888

 

 Physician permanent placement services


 

8,328


 

8,907


 

 

7,715


 

 

16,043


 

19,861

 

 

$

149,282

$

199,140


 

$

143,294


 

$

292,576

$

448,735

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

Reconciliation of Non-GAAP Items:


 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

Segment Operating Income(1)


 

 

 

 

 

 

 

 

 

 

 

 
 

 Nurse and allied healthcare staffing

$

7,250

$

11,076


 

$

8,734


 

$

15,984

$

25,798

 

 Locum tenens staffing


 

6,399


 

10,154


 

 

5,471


 

 

11,870


 

14,807

 

 Physician permanent placement services


 

1,978


 

2,387


 

 

1,966


 

 

3,944


 

5,662

 

 

 

15,627


 

23,617


 

 

16,171


 

 

31,798


 

46,267

 

  Unallocated corporate overhead


 

5,916


 

5,625


 

 

5,728


 

 

11,644


 

11,697

 

Adjusted EBITDA(2)


 

9,711


 

17,992


 

 

10,443


 

 

20,154


 

34,570

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

Depreciation and amortization


 

3,163


 

3,442


 

 

3,298


 

 

6,461


 

6,909

 

Stock-based compensation


 

2,040


 

2,155


 

 

2,349


 

 

4,389


 

4,830

 

Acquisition-related costs


 

1,094


 

-


 

 

-


 

 

1,094


 

-

 

Impairment and restructuring charges


 

-


 

2,152


 

 

-


 

 

-


 

180,777

 

Interest expense, net


 

2,583


 

2,320


 

 

2,637


 

 

5,220


 

4,519

 

Income (loss) before income taxes


 

831


 

7,923


 

 

2,159


 

 

2,990


 

(162,465)

 

Income tax expense (benefit)


 

694


 

3,549


 

 

1,379


 

 

2,073


 

(45,005)

 

Net income (loss)

$

137

$

4,374


 

$

780


 

$

917

$

(117,460)

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

GAAP based diluted net income (loss) per share (EPS)

$

-

$

0.13


 

 

 

 

$

0.03

$

(3.60)

 

 Adjustments:


 

 

 

 

 

 

 

 

 

 

 

 
 

 Acquisition-related costs


 

0.02


 

 

 

 

 

 

 

0.02


 

 
 

 Impairment and restructuring charges


 

 

 

0.04


 

 

 

 

 

 

 

3.86

 

 Non-recurring legal expense


 

 

 

 

 

 

 

 

 

 

 

0.02

 

Adjusted diluted earnings per share (3)

$

0.02

$

0.17


 

 

 

 

$

0.05

$

0.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

Three Months Ended


 

 

Six Months Ended

 

 

 

June 30,


 

 

March 31,


 

 

June 30,

 

 

 

2010


 

2009


 

 

2010


 

 

2010


 

2009

 

Gross Margin


 

 

 

 

 

 

 

 

 

 

 

 
 

  Nurse and allied healthcare staffing


 

25.5%


 

25.0%


 

 

26.3%


 

 

25.9%


 

23.8%

 

  Locum tenens staffing


 

26.2%


 

26.1%


 

 

26.2%


 

 

26.2%


 

26.2%

 

  Physician permanent placement services


 

56.9%


 

58.8%


 

 

57.9%


 

 

57.4%


 

60.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

Operating Data:


 

 

 

 

 

 

 

 

 

 

 

 
 

Nurse and allied healthcare staffing


 

 

 

 

 

 

 

 

 

 

 

 
 

   Average travelers on assignment (4)


 

2,475


 

3,661


 

 

2,505


 

 

2,490


 

4,575

 

   Revenue per traveler per day(5)

$

335.65

$

333.59


 

 

333.51


 

 

334.59

$

332.08

 

   Gross profit per traveler per day(5)

$

85.66

$

83.36


 

 

87.68


 

 

86.67

$

78.99

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

Locum tenens  staffing


 

 

 

 

 

 

 

 

 

 

 

 
 

   Days filled (6)


 

46,456


 

54,708


 

 

43,065


 

 

89,521


 

107,105

 

   Revenue per day filled(6)

$

1,406.66

$

1,445.80


 

 

1,402


 

 

1,404.55

$

1,436.80

 

   Gross profit per day filled(6)

$

368.89

$

377.79


 

 

367.08


 

 

368.02

$

375.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

As of June 30


 

As of March 31,


 

 

 

 
 

 

 

2010


 

2009


 

 

2010


 

 

 

 

 
 

Leverage ratio (7)


 

2.5


 

1.1


 

 

2.1


 

 

 

 

 
 

(1) Segment Operating Income represents net income (loss) plus interest expense (net of interest income), income
taxes, depreciation and amortization, impairment and restructuring charges, unallocated corporate expenses, and
stock-based compensation expense. Management believes that Segment Operating Income is an industry wide
financial measure that is useful both to management and investors when evaluating the company's performance.
Management also uses Segment Operating Income for planning purposes. Segment Operating Income is not
necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies
in the method of calculation and allocation of costs.

(2) Adjusted EBITDA represents net income (loss) plus interest expense (net of interest income), income
taxes, depreciation and amortization, acquisition-related costs, impairment and restructuring charges, and
stock-based compensation expense. Management presents adjusted EBITDA because it believes that adjusted
EBITDA is a useful supplement to net income as an indicator of operating performance. Management believes
that adjusted EBITDA is an industry wide financial measure that is useful both to management and investors when
evaluating the company's performance. Management also uses adjusted EBITDA for planning purposes.
Management uses adjusted EBITDA to evaluate the company's performance because it believes that adjusted
EBITDA provides an effective measure of the company's results, as it excludes certain items that management
believes are not indicative of the company's operating performance and considers measures used in credit facilities.
However, adjusted EBITDA is not intended to represent cash flows for the period, nor has it been presented as
an alternative to income (loss) from operations or net income (loss) as an indicator of operating performance,
and it should not be considered in isolation or as a substitute for measures of performance prepared in
accordance with GAAP. As defined, adjusted EBITDA is not necessarily comparable to other similarly titled captions
of other companies due to potential inconsistencies in the method of calculation. While management believes that
some of the items excluded from adjusted EBITDA are not indicative of the company's operating performance,
these items do impact the income statement, and management therefore utilizes adjusted EBITDA as an
operating performance measure in conjunction with GAAP measures such as net income.

(3) Adjusted EPS represents GAAP EPS plus acquisition-related costs, restructuring and impairment charges
and non-recurring legal expenses. Management presents adjusted EPS because it believes that adjusted EPS is
a useful supplement to diluted net loss per share as an indicator of operating performance. Management believes
such a measure provides a picture of the company's results that is more comparable among periods since it excludes
the impact of items that may recur occasionally, but tend to be irregular as to timing, thereby distorting comparisons
between periods. However, investors should note that this non-GAAP measure involves judgment by management
(in particular, judgment as to what is classified as a special item to be excluded from adjusted EPS). As defined,
adjusted EPS is not necessarily comparable to other similarly titled captions of other companies due to potential
inconsistencies in the method of calculation. While management believes that some of the items excluded from
adjusted EPS are not indicative of the company's operating performance, these items do impact the income
statement, and management therefore utilizes adjusted EPS as an operating performance measure in conjunction
with GAAP measures such as GAAP EPS.

(4) Average travelers on assignment represents the average number of nurse and allied healthcare professionals
on assignment during the period presented.

(5) Revenue per traveler per day and gross profit per traveler per day represent the revenue and gross profit of the
company's nurse and allied healthcare staffing segment divided by average travelers on assignment, divided by the
number of days in the period presented.

(6) Days filled is calculated by dividing the locum tenens hours filled during the period by 8 hours. Revenue per day
filled and gross profit per day filled represent revenue and gross profit of the company's locum tenens staffing
segment divided by days filled for the period presented.

(7) Leverage ratio represents the ratio of the total debt outstanding at the end of the period to the Adjusted
EBITDA for the past twelve months.

 
                         


 

 
 

AMN Healthcare Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)



 
 

 

June 30,

March 31,

December 31,

 

 

2010

2010

2009

 

Assets


 

 

 
 

Current assets:


 

 

 
 

 Cash and cash equivalents

$  41,368

$  36,567

$  27,053

 

 Accounts receivable, net

89,746

89,085

89,150

 

 Accounts receivable, subcontractor

7,309

4,624

348

 

 Prepaid expenses

6,595

7,152

6,550

 

 Income taxes receivable

2,666

2,735

3,900

 

 Deferred income taxes, net

8,534

8,534

8,534

 

 Other current assets

1,209

1,415

1,902

 

   Total current assets

157,427

150,112

137,437

 

 

 

 

 
 

Restricted cash and cash equivalents

20,961

22,022

22,025

 

Fixed assets, net

17,103

18,538

19,970

 

Deposits and other assets

13,898

14,432

14,368

 

Goodwill

79,868

79,868

79,868

 

Intangible assets, net

112,947

114,135

115,336

 

 

 

 

 
 

    Total assets

$  402,204

$  399,107

$       389,004

 

 

 

 

 
 

Liabilities and stockholders' equity


 

 

 
 

Current liabilities:


 

 

 
 

 Accounts payable and accrued expenses

$         28,294

24,493

18,057

 

 Accrued compensation and benefits

27,405

28,178

24,054

 

 Current portion of notes payable

8,250

6,875

5,500

 

 Deferred revenue

6,018

5,158

5,084

 

 Other current liabilities

9,055

10,042

10,404

 

   Total current liabilities

79,022

74,746

63,099

 

 

 

 

 
 

Notes payable, less current portion and discount

95,317

97,721

100,121

 

Deferred income taxes, net

406

789

 

Other long-term liabilities

52,488

52,664

54,151

 

   Total liabilities

227,233

225,131

218,160

 

 

 

 

 
 

Stockholders' equity

174,971

173,976

170,844

 

 

 

 

 
 

Total liabilities and stockholders' equity

$  402,204

$  399,107

$  389,004

 

 

 

 

 
 

 
 
       


 

 
 

AMN Healthcare Services, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)



 
 

 

Three Months Ended

Six Months Ended

 

 

June 30,

March 31,

June 30,

 

 

2010

2009

2010

2010

2009

 

 

 

 

 

 

 
 

Net cash provided by operating activities(8)

$  6,546

$  36,388

$  11,715

$  18,261

$  73,945

 

 

 

 

 

 

 
 

Net cash provided by (used in) investing activities

462

(1,204)

(668)

(206)

(2,434)

 

 

 

 

 

 

 
 

Net cash used in financing activities(8)

(2,211)

(28,420)

(1,536)

(3,747)

(59,374)

 

 

 

 

 

 

 
 

Effect of exchange rates on cash

         4

         49

         3

         7

         35

 

 

 

 

 

 

 
 

 Net increase in cash and cash equivalents

4,801

6,813

9,514

14,315

12,172

 

 

 

 

 

 

 
 

 Cash and cash equivalents at beginning of period

36,567

16,675

27,053

27,053

11,316

 

 

 

 

 

 

 
 

 Cash and cash equivalents at end of period

$  41,368

$  23,488

$  36,567

$  41,368

$  23,488

 

 
 
           

(8) The Company filed an 8-K on July 30, 2010, stating its original press release distributed on July 28, 2010, contained an inadvertent error. This corrected release was subsequently issued on July 30, 2010.
 

SOURCE AMN Healthcare Services, Inc.